DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Shares Sold by Wolf Hill Capital Management LP

Wolf Hill Capital Management LP lowered its position in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 57.8% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 880,635 shares of the company’s stock after selling 1,208,349 shares during the quarter. DigitalOcean comprises approximately 3.0% of Wolf Hill Capital Management LP’s holdings, making the stock its 12th largest holding. Wolf Hill Capital Management LP owned approximately 0.97% of DigitalOcean worth $30,602,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. FinTrust Capital Advisors LLC acquired a new stake in shares of DigitalOcean in the first quarter worth $36,000. Covestor Ltd raised its position in DigitalOcean by 571.4% in the first quarter. Covestor Ltd now owns 1,947 shares of the company’s stock valued at $74,000 after purchasing an additional 1,657 shares during the period. Scarborough Advisors LLC acquired a new position in shares of DigitalOcean during the fourth quarter worth about $98,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of DigitalOcean in the fourth quarter worth about $102,000. Finally, Assetmark Inc. grew its stake in shares of DigitalOcean by 16.7% in the fourth quarter. Assetmark Inc. now owns 2,809 shares of the company’s stock valued at $103,000 after buying an additional 403 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Stock Up 2.4 %

Shares of NASDAQ DOCN opened at $43.26 on Friday. The stock has a market capitalization of $3.94 billion, a P/E ratio of 81.57, a PEG ratio of 3.15 and a beta of 1.83. The stock’s 50 day moving average price is $35.19 and its two-hundred day moving average price is $35.85. DigitalOcean Holdings, Inc. has a 52-week low of $19.39 and a 52-week high of $43.88.

DigitalOcean (NASDAQ:DOCN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.09. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The firm had revenue of $192.00 million for the quarter, compared to analysts’ expectations of $188.63 million. During the same period last year, the business posted $0.11 earnings per share. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. On average, analysts anticipate that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on DOCN. UBS Group reduced their price target on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Stifel Nicolaus upped their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Barclays dropped their price target on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, August 9th. Finally, Piper Sandler lowered their target price on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.67.

DigitalOcean Profile

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company's platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).